Global Trustee and Fiduciary Services Bite Sized Issue 12 2024

9 QUICK LINKS COSTS & CHARGES CSDR CRYPTOASSETS EMIR FINTECH FSB FUND LIQUIDITY MIFID II/MIFIR NBFI OPERATIONAL RESILIENCE SUSTAINABLEFINANCE/ESG T+1 ASIA NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2024 The Decision provides a general framework for the annual reporting to the ESAs of the information necessary for the CTPP designation, including timelines, frequency and reference dates, general procedures for the submission of information, quality assurance and revisions of submitted data, as well as confidentiality and access to information. As the deadline for the first submission of the registers of information to the ESAs is set for 30 April 2025, the ESAs expect competent authorities to collect the registers of information from the financial entities under their supervision in advance, following their own timelines. Although the implementing technical standards on the Registers of information have not yet been adopted by the EU Commission, the ESAs note that the essential part of the requirements for registers of information is publicly available since the publication of the ESAs Final Report in January 2024 and that any potential changes in the registers following the rejection by the EU Commission and the ESAs Opinion on the rejection should be limited. Therefore, the ESAs encourage financial entities to anticipate as much as possible the preparation of their registers, especially for information which may not be immediately available (e.g., the relevant identifiers of their ICT providers). The ESAs also published a list of validation rules that will be used when analyzing the registers of information and the visual representation of the data model. These rules will be included in the updated reporting technical package (including updated data point model, taxonomy and validation rules), which is set to be published in December 2024. Link to Decision here New Rules to Strengthen Resilience of UK’s Financial Sector On 12 November 2024, the Financial Conduct Authority, Bank of England and Prudential Regulation Authority set out how they intend to use their new powers to oversee the resilience of the services provided by third parties that may cause risks to financial stability, having consulted widely and working closely with industry to inform the design of the regime. The new rules align closely with international standards and similar regimes, like the EU’s Digital Operational Resilience Act . The final rules, when implemented, will aim to strengthen the resilience of the services that critical third parties provide to individual firms, but improve the resilience of the UK financial services sector. The UK government will decide which third parties should fall under the new regime based on advice from regulators. The new rules do not reduce the responsibility of financial firms and FMIs in making sure they are resilient to operational shocks and for their management of third-parties, in-line with existing outsourcing and operational resilience rules. Link to Policy Statement PS24/16: Operational Resilience: Critical Third Parties to the UK Financial Sector here Link to Supervisory Statement 6/24 – Critical Third Parties to the UK Financial Sector here Link to The Regulators’ Approach to the Oversight of Critical Third Parties here Link to Joint Foreword: Critical Third Parties to the UK Financial Sector here